Understanding The Purchase Contract

If you decide to accept one of our offers, the next step in the sale process is to review and sign a structured settlement purchase contract. Selling your structured settlement payments requires the approval of a judge in your state.

At Peachtree, we have a lot of experience buying these payments, so we try to make the process as easy as possible. Unfortunately, there’s still a lot of paperwork involved. One of the most important parts of the transaction is your purchase contract.

We cannot proceed with the sale process until you sign and return the purchase contract

Depending on where you live, the laws governing the sale of structured settlement payments might be different than other areas, so each purchase agreement is unique. However, they all include the same basic sections. These are:

Information about you

Disclosure statement describing the terms of the transaction

A document that tells us how you want to receive your money

A list of your dependents

A privacy notice

The purchase contract itself

A statement discussing professional representation

A request to change beneficiary

Approval to request copies of documents

We know it might sound overwhelming, but our team of representatives is here to answer through any questions you may have about the process.

Information About You

When a judge reviews the transaction, one thing they consider is whether the sale is in your best interest. In order to do this, they’ll need to know about your current situation, your family, and your finances. Here are some examples of the questions:

Personal Information
Includes: Name, Where you live, Date of Birth, Social Security Number

Employment
Includes: The job(s) you have and how much you earn

Family Status
Includes: Whether you’re single, married, or divorced and if you have any dependents

Information about your Settlement
Includes: The company that issues your structured settlement payments, questions about the circumstances on how you were awarded your structured settlement

Beneficiary Information
Includes: The name(s) (if any) of who is listed as a beneficiary on your structured settlement

Additional Information
Includes: Bankruptcy filings, major financial events, if you sold some portion of your payments in the past

Disclosure Statement

The disclosure statement explains the details of the sale. We lay out exactly what future payments we’re purchasing, how much we’ll pay you for them, and the discount rate.

In addition to this disclosure statement, your state or the insurance company that issued your structured settlement may require you to sign additional disclosure statements.

Funding Instructions

Once the sale is approved by a judge, we try to get you your lump sum as quickly as possible. The Funding Instructions form lets you pick how you’ll get your cash. There are two main options:

Check

Peachtree will send you a check

Direct Deposit

We can deposit the money directly into your bank account

List of Dependents

This document asks if you have any dependents. This includes, for example, your spouse and any children under the age of 18. This document is required, even if you don’t have any dependents. We cannot proceed with the sale process until we receive a signed copy.

Privacy Notice

At Peachtree, we respect your privacy. The privacy notice explains why we’re asking for this personal information and how it’s used. You don’t have to sign this document.

Purchase Contract

This document is the one you sign to agree to sell your future structured settlement payments to Peachtree. Your Purchase Contract also explains what your rights are during the transaction, including what your options are if you change your mind about selling your payments after signing the contract.

Statement Of Professional Representation

Some states require you to speak with an attorney or financial advisor before selling your payments so that you understand how the sale could impact your finances in the future. If your state does not require this, you can still choose to do so. The Statement of Professional Representation will go over your options, and then ask you to state if you will be speaking with a professional or not.

NOTE: If you say that you plan on speaking with an advisor, or if your state requires that you do so, Peachtree won’t be able to move forward in the process until we receive documentation from the professional advisor confirming that they spoke with you.

Request To Change Beneficiary

A beneficiary is the person who you designate to receive any payments you’re guaranteed to receive from your structured settlement if you pass away before receiving them. This form tells the insurance company to make your estate your beneficiary.

Document Request Authorization

After you sign the contract, we may need additional supporting documentation to purchase your structured settlement payments. If you have a copy of these documents, such as your structured settlement agreement, you can send them with your contract. However, if you don’t, the Document Request Authorization allows us to request a copy from the insurance company that issues your payments.

Signing and Next Steps

You contacted us because you needed a lump sum of cash and didn’t want to wait on your scheduled payments. At Peachtree, we want to get you that cash as quickly as possible which is why we allow you to sign and submit your contract electronically, removing the need to mail anything physically.

Some states might require that you sign the documents in the presence of a notary, or someone with the legal authority to act as a witness. If this is the case, we can schedule an appointment for you and we’ll even cover their fees.
After we receive your completed contract, we finalize all the remaining paperwork and ask the court for a hearing date.